An Analysis of Entrepreneurial Spirit and its Impact on UK Businesses

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BUSINESS ENTREPRENEURSHIP
AND SMALL BUSINESS
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INTRODUCTION
Entrepreneurship spirit has always been the back
bone of successful business ventures
It is important that entrepreneurial spirit be taken in
the true light and there can be efforts taken to
reinstate in the current business scenario in United
Kingdom.
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DEFINITION OF ENTREPRENEUR
In the opinion of Brenkert,
(2017), entrepreneurs are
people who create new
business, bearing risks and
creating opportunities as well
as generating revenue through
economic activities
Famous entrepreneurs of
United Kingdom are Duncan
Bannatyne, Richard Branson of
Virgin group fame
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TYPES OF ENTREPRENEURIAL VENTURES
Small Business
Scalable Start Ups (High Growth
oriented
Large Organisations
Social Entrepreneurship
Lifestyle pattern of Business
(includes professionals and
freelancers)
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DIFFERENCES IN DIFFERENT VENTURES
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SIMILARITIES AND ENTREPRENEURIAL VENTURES
Most of these ventures have
started small gradually on using
of seed capital and on increasing
their capital have been
increasing
Other than the social
entrepreneurship all the other
forms of entrepreneurship have
the common goals of profit
maximisation
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CONCEPT OF ENTREPRENEURSHIP TYPOLOGY
Entrepreneurial topology is
associated with various
segments in which the
entrepreneurship is divided.
Start-up
Acquisition entrepreneurs
New development and Joint Venture
Public Private Partnership
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CAN ENTREPRENEURSHIP EXIST IN PUBLIC
SECTOR?
The public sector entrepreneurship
is associated with creating value
through available resources for the
citizens of the country.
Through effective policy
formulation, such as tax policies or
policies associated with
developmental decisions in
infrastructure it is possible to
ensure that there are excellent
ways associated with improved life
of citizens
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SCOPE OF NEW ENTREPRENEURIAL VENTURES IN
DELIVERING SUCCESSFUL PRODUCT INNOVATION TO
THE MARKET
In the public sector there are many
areas where entrepreneurial skills
can be displayed and these can be
associated with using sensors in
municipality services, to detect
potholes and there are areas that
are linked to waste management,
town planning which can all benefit
from this concept of entrepreneurial
activities in public sector.
.
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ENTREPRENEURIAL VENTURES IN THE UK
New entrepreneurial ventures can come up
that will ensure that the latent demand in the
market is met and there is use of the
resources
In the United Kingdom, the business scenario
is currently reeling under the effect of Brexit.
This is however, a fresh breath of opportunity
that is being created for an entrepreneurial
effort that is applicable in the case of
potential gaps that needs to be filled due to
exit of many businesses from UK.
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The development and growth of
entrepreneurial ventures in the UK
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CONCLUSION
Entrepreneurial
ventures have become
crucial to the economy
of United Kingdom.
Most of the businesses
in the country are
SMEs and MSMEs,
which will pave the way
for growth in the
economy.
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